酒店管理合同英文版

ORMOFHOTELMASTERMANAGEMENTAGREEMENT■酒店管理合同BYANDBETWEEN當(dāng)事方MHIHOSPITALITYTRS,LLCADELAWARELIMITEDLIABILITYCOMPANYANDMHIHOTELSSERVICESLLC,AVIRGINIALIMITEDLIABILITYCOMPANYDEFINITIONOFTERMS定義DefinitionofTerms定義TERMOFAGREEMENT 合同條款Term合同期間ActionstobetakenuponTermination合同終止時的事項EarlyTerminationRights,LiquidatedDamages提前終止合同和違約賠償金SubstitutionofHotel類似規(guī)格的替代酒店P(guān)REMISES酒店建筑物APPOINTMENTOFMANAGER管理人員的任命Appointment任命DelegationofAuthority權(quán)利授予Contracts,EquipmentLeasesandOtherAgreements合同、設(shè)備租賃協(xié)議及其他協(xié)議AlcoholicBeverage/LiquorLicensingRequirements酒精飲料/烈酒經(jīng)營許可證的辦理REPRESENTATIONSANDWARRANTIES各方承諾與保證LesseeRepresentations租賃方的承諾ManagerRepresentations管理方的承諾OPERATION經(jīng)營NameofPremises,StandardofOperation建筑物名稱、經(jīng)營標(biāo)準(zhǔn)UseofPremises建筑物的使用GroupServices一攬子服務(wù)RighttoInspect出租方的檢查權(quán)利WORKINGCAPITALANDINVENTORIES營運資金與財產(chǎn)清單WorkingCapitalandInventories工作資金與財產(chǎn)清單FixedAssetSupplies固定資產(chǎn)的提供MAINTENANCE,REPLACEMENTANDCHANGES維護、替代和改變RoutineandNon-RoutineRepairsandMaintenance日常和臨時維修和維護CapitalImprovementBudget資金調(diào)整預(yù)算EMPLOYEES雇員EmployeeHiring雇員聘用Costs,BenefitPlans成本和福利計劃Manager’sEmployees管理人員的雇傭SpecialProjects-CorporateEmployees特別項目一公司雇員Termination合同終止時的員工安排EmployeeUseofHotel酒店對雇員的使用Non-Solicitation不得利誘對方雇員BUDGET,STANDARDSANDCONTRACTS預(yù)算、標(biāo)準(zhǔn)及合同AnnualOperatingBudget年度營運預(yù)算BudgetApproval預(yù)算的批準(zhǔn)OperationPending,Approval 預(yù)算批準(zhǔn)之前的營運BudgetMeetings預(yù)算會議OPERATINGDISTRIBUTIONS運營費用的安排ManagementFee管理費用AccountingandInterimPayment會計與臨時付款I(lǐng)NSURANCE保險Insurance保險ReplacementCost重置成本IncreaseinLimits對保險費用限制的增加BlanketPolicy總括保險單CostsandExpenses成本與費用PoliciesandEndorsements保險單及其保險受益權(quán)的轉(zhuǎn)讓Termination終止TAXESANDDEBTSERVICE納稅及債息Taxes納稅DebtService,GroundLeasePayments債息及土地租賃費用的支付BANKACCOUNTS銀行賬戶OperatingAccount運營賬戶PayrollAccount薪酬賬戶ManagementofOperatingAccount運營賬戶的管理AdvanceofFunds預(yù)付經(jīng)費ReserveAccounts儲備金賬戶ACCOUNTINGSYSTEM會計體系的建立BooksandRecords,賬簿及記錄MonthlyFinancialStatements財務(wù)月報表AnnualFinancialStatements財務(wù)年度報表PAYMENTBYLESSEE租賃方的支付PaymentofBaseManagementFee基本管理費的支付PaymentofIncentiveManagementFee激勵管理費的支付Distributions贏利分配RELATIONSHIPANDAUTHORITY各方關(guān)系及授權(quán)DAMAGE,CONDEMNATIONANDFORCEMAJEURE損壞、征用及不可抗力DamageandRepair損壞和維修Condemnation 征用ForceMajeure 不可抗力DEFAULTANDTERMINATION違約與合同終止EventsofDefault違約事件ConsequenceofDefault違約事件的后果WAIVERANDINVALIDITY權(quán)利放棄和無法律效力Waiver權(quán)利放棄PartialInvalidity單方面無法律效力ASSIGNMENT任命NOTICES通知SUBORDINATION;NON-DISTURBANCE所依據(jù)的法律契約、不得干預(yù)Subordination所依據(jù)的法律契約Non-DisturbanceAgreement不得干預(yù)協(xié)議PROPRIETARYMARKS;INTELLECTUALPROPERTY專利商標(biāo)和知識產(chǎn)權(quán)ComputerSoftwareandEquipment軟件與設(shè)備IntellectualProperty知識產(chǎn)權(quán)BooksandRecords賬簿與記錄INDEMNIFICATION賠償ManagerIndemnity管理人員的賠償LesseeIndemnity租賃方的賠償IndemnificationProcedure賠償程序Survival合同終止后的條款效力FUTUREHOTELS合同終止后的酒店GOVERNINGLAWVENUE法律管轄地MISCELLANEOUS其他約定RightstomakeAgreement簽約權(quán)利Agency代理FailuretoPerform履約不能Headings標(biāo)題Attorneys’FeesandCosts律師費用EntireAgreement合同的完整性Consents合同內(nèi)容EligibleIndependentContractor適格的獨立承包人Subleasing分租EnvironmentalMatters環(huán)保事項EquityandDebtOfferings股票及債券的發(fā)行EstoppelCertificates不得反悔的證明Confidentiality保密Modification合同條款的變更Counterparts合同副本LISTOFEXHIBITSLISTOFSCHEDULESHOTELMASTERMANAGEMENTAGREEMENTTHISHOTELMASTERMANAGEMENTAGREEMENTismadeandenteredintoasofthisdayof,2004,byandbetweenMHIHospitalityTRS,LLC,aDelawarelimitedliabilitycompany(hereinafterreferredtoas“Lessee”),MHIHotelsServicesLLC,aVirginialimitedliabilitycompany(hereinafterreferredtoas“Manager”),andforthelimitedpurposesofArticleVIIIherein,theLandlords(definedbelow).RECITALS:LesseeisthetenantundertheLeases(definedbelow)coveringthosecertainhotelproperties,fullyequippedwithfurnitureandfixtures,andmoreparticularlydescribedbyaddresslocation,franchisenameandroomnumberinformation,onExhibit“A”attachedhereto(thehotels,togetherwithallancillaryfacilities,improvementsandamenitiessetforthonExhibitAattachedheretoassuchexhibitexistsasofthedateofthisAgreement,hereincalledthe“InitialHotels”).LesseedesirestoretainManagertomanageandoperatetheInitialHotelsandanyFutureHotels(asdefinedbelow),andManageriswillingtoperformsuchservicesfortheaccountofLessee,allasmoreparticularlysetforthinthisAgreement.AGREEMENTS:NOW,THEREFORE,inconsiderationofthepremisesandthemutualcovenantshereincontained,thepartiesheretoagreeasfollows:DEFINITIONOFTERMSDefinitionofTerms.ThefollowingtermswhenusedinthisAgreementshallhavethemeaningsindicatedbelow.“AccountingPeriod”shallmeanacalendarmonth.“Agreement”shallmeanthisMasterManagementAgreement,andallamendments,modifications,supplements,consolidations,extensionsandrevisionstothisMasterManagementAgreementapprovedbyLesseeandManagerinaccordancewiththeprovisionshereof.“Amendment”shallhavethemeaningassetforthinArticleXXVI.AnnualOperatingBudget”shallhavethemeaningassetforthinSection10.1.“AOBObjectionNotice”shallhavethemeaningassetforthinSection10.2.“ApplicableStandards”shallmeanstandardsofoperationforthePremiseswhichare(a)inaccordancewiththerequirementsoftheapplicableFranchiseAgreement,thisAgreementandallCCRsaffectingthePremisesandofwhichtrueandcompletecopieshavebeenmadeavailablebyLesseetoManager,(b)inaccordancewithapplicableLegalRequirements,(c)inaccordancewiththetermsandconditionsofanyHotelMortgageorGroundLeasetotheextentnototherwiseinconsistentwiththetermsofthisAgreement(totheextentLesseehasmadeavailabletoManagertrueandcompletecopiesoftheapplicableloandocumentsrelatingtoanysuchHotelMortgageand/ortheGroundLeases),(d)inaccordancewiththeLeases(totheextentLesseehasmadeavailabletoManageratrueandcompletecopythereof),(e)inaccordancewiththerequirementsofanycarrierhavinginsuranceontheHotelsoranypartthereof(totheextentManagerhasbeengivenwrittennoticeofsuchrequirementsorpoliciesorhascoordinatedsameonbehalfofLessee),and(f)inaccordancewiththerequirementsofSection856(d)(9)(D)oftheCodeforqualifyingeachoftheHotelsasaQualifiedLodgingFacility.“CompetitiveSet”shallinitiallymeanforeachHotel,thehotelssituatedinthesamemarketsegmentassuchHotelasnotedonSchedule1attachedhereto,whichcompetitivesetshallincludetheapplicableHotel.TheCompetitiveSetmaybechangedfromtimetotimebymutualagreementofLesseeandManagertoreasonablyandaccuratelyreflectasetwithinthemarketofsuchHotelthatiscomparableinratequalityandinoperationtosuchHotelanddirectlycompetitivewithsuchHotel.TherequirementsfortheCompetitiveSetarenotapplicabletoanyoftheInitialHotelsuntilaftertheexpirationoftheinitial10-yeartermofthisAgreement.“GrossRevenues”shallmeanallrevenuesandreceiptsofeverykindreceivedfromoperatingthePremisesandalldepartmentsandpartsthereof,includingbutnotlimitedto,incomefrombothcashandcredittransactions,incomefromtherentalofrooms,stores,offices,banquetrooms,conferencerooms,exhibitsorsalespaceofeverykind,license,leaseandconcessionfeesandrentals(notincludinggrossreceiptsoflicensees,lesseesandconcessionaires),vendingmachines,healthclubmembershipfees,foodandbeveragesales,wholesaleandretailsalesofmerchandise,servicecharges,andproceeds,ifany,frombusinessinterruptionorotherlossofincomeinsurance;provided,however,GrossRevenuesshallnotinclude(a)gratuitiestothePremises’employees,(b)federal,stateormunicipalexcise,salesorusetaxesorsimilarimpositionscollecteddirectlyfromcustomers,patronsorguestsorincludedaspartofthesalespricesofanygoodsorservicespaidovertofederal,stateormunicipalgovernments,(c)propertyinsuranceorcondemnationproceeds(excludingproceedsfrombusinessinterruptionorotherlossofincomecoverage),(d)proceedsfromthesaleorrefinanceofassetsotherthansalesintheordinarycourseofbusiness,(e)fundsfurnishedbytheLessee,(f)judgmentsandawardsotherthanforlostbusiness,(g)theamountofallcredits,rebatesorrefunds(whichshallbedeductionsfromGrossRevenues)tocustomers,patronsorguests,(h)receiptsoflicensees,concessionaires,andtenants,(i)paymentsreceivedatanyoftheHotelsforhotelaccommodations,goodsorservicestobeprovidedatotherhotels,althougharrangedby,fororonbehalfofManager;(j)thevalueofcomplimentaryrooms,foodandbeverages,(k)interestincome,(l)leasesecuritydeposits,and(m)itemsconstituting“allowances”undertheUniformSystemofAccounts.TERMOFAGREEMENTTerm.Theterm(“Term”)ofthisAgreementshallcommenceonthe“CommencementDate”foreachoftheHotelsasnotedonExhibit“A”attachedheretoand,unlesssoonerterminatedashereinprovided,shallcontinuewithrespecttosuchHotelsuntilthe“TerminationDate.”ForpurposesofthisAgreement,the“TerminationDate”foreachoftheHotelsshallbetheearliertooccurof(i)theExpirationDateapplicabletosuchHotel,(ii)terminationattheoptionofLesseeinconnectionwiththebonafideSaleoftheHotelbyLandlordtoanunaffiliatedthirdpartyasprovidedinandsubjecttothetermsofSection2.3(a)hereof,(iii)terminationattheoptionofLesseeintheeventthatthePerformanceTesthasnotbeensatisfiedpursuanttoandsubjecttothetermsandconditionsofSection2.3(b)below,(iv)terminationattheoptionofLesseeforconveniencepursuanttoandsubjecttothetermsandconditionsofSection2.3(c)below(andsubjecttoSection2.3(a)withrespecttoanysaleoftheHotel),or(v)terminationbyeitherLesseeorManagerpursuanttoArticleXVIIIhereofinconnectionwithacondemnation,casualtyorForceMajeure,subjecttothetermsthereof.The“ExpirationDate”withrespecttoaHotelshallmeanthe10thanniversaryoftheCommencementDateapplicabletosuchHotel,providedthatsuchinitial10-yeartermmaythereafterberenewedbyManageronthesametermsandconditionscontainedherein,fortwo(2)successiveperiodsoffive(5)FiscalYearseach,providedthatuponcompletionoftheinitialtermandthefirstrenewalperiod,bothLesseeandManagermutuallyagreetorenewtheAgreementand,providedfurther,thatatthetimeofexerciseofanysuchoptiontorenewanEventofDefaultbyManagerdoesnotthenexistbeyondanyapplicablegraceorcureperiod.Ifatthetimeoftheexerciseofanyrenewalperiod,ManageristhenindefaultunderthisAgreement,thentheexerciseoftherenewaloptionwillbeconditionalontimelycureofsuchdefault,andifsuchdefaultisnottimelycured,thenLesseemayterminatethisAgreementregardlessoftheexerciseofsuchrenewalperiodandwithoutthepaymentofanyfeeorliquidateddamages.IfManagerdesirestoexerciseanysuchoptiontorenew,itshallgiveLesseeNoticetothateffectnotlessthanninety(90)dayspriortotheexpirationofthethencurrentTerm.NotwithstandingtheexpirationorearlierterminationoftheTerm,LesseeandManageragreethattheobligationsofLesseetopay,remit,reimburseandtootherwiseindemnifyManagerforanyandallexpensesandfeesincurredoraccruedbyManagerpursuanttotheprovisionsofthisAgreementpriortotheexpirationorearlierterminationoftheTerm(oractuallyincurredbyManagerafterthetermination)shallsurviveTermination,providedsuchexpensesandfeeshavebeenincurredconsistentwiththethencurrenttermsofthisAgreementandtheapplicableAnnualOperatingBudget,including,withoutlimitationbutonlytotheextentsoconsistent,allcosts,expensesandliabilitiesarisingfromtheterminationofthePremises’employeessuchasaccruedvacationandsickleave,severancepayandotheraccruedbenefits,employerliabilitiespursuanttotheConsolidatedOmnibusBudgetReconciliationActandemployerliabilitiespursuanttotheWorkerAdjustmentandRetrainingNotificationAct.Inaddition,subjecttoSection19.2belowandtheforegoingsentence,uponTerminationofthisAgreement,LesseeandManagershallhavenofurtherobligationstooneanotherpursuanttothisAgreement,exceptthatSection2.2,obligationstomakepaymentsunderSection2.3orSection9.5,Section9.7,thelastsentenceofSection15.1,obligationstomakepaymentsofterminationfeespursuanttoArticleXVIII,ArticleXXIV,ArticleXXV,ArticleXXVIIandSection28.13shallsurviveTermination.ActionstobetakenuponTermination.UponaTerminationofthisAgreementwithrespecttooneormoreoftheHotels,thefollowingshallbeapplicable:Managershall,withinforty-five(45)daysafterTerminationofthisAgreement,prepareanddelivertoLesseeafinalaccountingstatementwithrespecttosuchHotels,informandsubstanceconsistentwiththestatementsprovidedpursuanttoSection15.2,alongwithastatementofanysumsduefromLesseetoManagerpursuanthereto,datedasofthedateofTermination.Withinthirty(30)daysafterthereceiptbyLesseeofsuchfinalaccountingstatement,thepartieswillmakewhatevercashadjustmentsarenecessarypursuanttosuchfinalstatement.ThecostofpreparingsuchfinalaccountingstatementshallbeaDeduction.ManagerandLesseeacknowledgethattheremaybecertainadjustmentsforwhichthenecessaryinformationwillnotbeavailableatthetimeofsuchfinalaccounting,andthepartiesagreetoreadjustsuchamountsandmakethenecessarycashadjustmentswhensuchinformationbecomesavailable.Asofthedateofthefinalaccountingreferredtoinsubsection(a)above,ManagershallreleaseandtransfertoLesseeanyofLessee’sfundswhichareheldorcontrolledbyManagerwithrespecttosuchHotels,withtheexceptionoffundstobeheldinescrowpursuanttoSection9.5andSection12.7.DuringtheperiodbetweenthedateofTerminationandthedateofsuchfinalaccounting,Managershallpay(orreserveagainst)allDeductionswhichaccrued(butwerenotpaid)priortothedateofTermination,usingforsuchpurposeanyGrossRevenueswhichaccruedpriortothedateofTermination.ManagershallmakeavailabletoLesseesuchbooksandrecordsrespectingsuchHotels(includingthosefromprioryears,subjecttoManager’sreasonablerecordsretentionpoliciesinaccordancewithapplicablelawandlegalrequirements)aswillbeneededbyLesseetopreparetheaccountingstatements,inaccordancewiththeUniformSystemofAccounts,forsuchHotelsfortheyearinwhichtheTerminationoccursandforanysubsequentyear.Suchbooksandrecordsshallnotinclude:employeerecordswhichmustremainconfidentialpursuanttoeitherLegalRequirementsorconfidentialityagreements,or(ii)anyIntellectualProperty.Managershall(totheextentpermittedbyLegalRequirements)assigntoLessee,ortoanyothermanageremployedbyLesseetooperateandmanagesuchHotels,alloperatinglicensesforsuchHotelswhichhavebeenissuedinManager’sname;providedthatifManagerhasexpendedanyofitsownfundsintheacquisitionofanyofsuchlicenses,LesseeshallreimburseManagerthereforifithasnotdonesoalready.LesseeagreesthatHotelreservationsandanyandallcontractsmadeinconnectionwithHotelconvention,banquetorothergroupservicesmadebyManagerintheordinaryandnormalcourseofbusinessconsistentwiththisAgreement,fordatessubsequenttothedateofTerminationandatratesprevailingforsuchreservationsatthetimetheyweremade,shallbehonoredandremainineffectafterTerminationofthisAgreement.ManagershallcooperatewiththenewoperatorofsuchHotelsastoeffectasmoothtransitionandshallpeacefullyvacateandsurrendertheHotelstoLessee.ManagerandLesseeagreetousebesteffortstoresolveanydisputesamicablyandpromptlyunderthisSection2.2toeffectasmoothtransitionofsuchHotelstoLesseeand/orLessee’snewmanager.EarlyTerminationRights,LiquidatedDamages.TerminationUponSale.UponNoticetoManager,LesseeshallhavetheoptiontoterminatethisAgreementwithrespecttoone,moreoralloftheHotelseffectiveasoftheclosingoftheSaleofsuchHotelstoathirdparty.SuchNoticeshallbegivenatleastforty-five(45)days’inadvance(unlessotherwiserequiredbyLegalRequirements,inwhichcaseLesseeshallprovidesuchadditionalnoticeinordertocomplywithsuchLegalRequirements)andshallinformManageroftheidentityofthecontractpurchaser.Manager,atitselection,mayoffertoprovidemanagementservicestosuchcontractpurchaseraftertheclosingofthesale.Lesseeshall,inconnectionwithsuchSale,byaseparatedocumentreasonablyacceptabletoLesseeandManager,indemnifyandsaveManagerharmlessagainstanyandalllosses,costs,damages,liabilitiesandcourtcosts,claimsandexpenses,including,withoutlimitation,reasonableattorneys’feesarisingorresultingfromthefailureofLesseeorsuchprospectivepurchasertoprovideanyoftheservicescontractedforinconnectionwiththebusinessbookedforsuchhotelsto,andincluding,thedateofsuchTermination,inaccordancewiththetermsofthisAgreement,includingwithoutlimitation,anyandallbusinesssobookedastowhichfacilitiesand/orservicesaretobefurnishedsubsequenttothedateofTermination,providedthatanysettlementbyManagerofanysuchclaimsshallbesubjecttothepriorwrittenapprovalofLesseewhichshallnotbeunreasonablywithheld,conditionedordelayed.Inaddition,thefollowingtermsshallapplyinconnectionwiththesaleofanyHotel:SaleofFutureHotel.IfthisAgreementisterminatedpursuanttoSection2.3(a)withrespecttoanyoftheFutureHotelspriortothefirstanniversaryoftheCommencementDateapplicabletosuchFutureHotel,thenLesseeshallpaytoManageronsuchtermination,aterminationfeeasliquidateddamagesandnotasapenalty(providedthatanEventofDefaultbyManagerisnotthenexistingbeyondanycureorgraceperiodssetforthinthisAgreement)inanamountequaltotheestimatedBaseManagementFeeandIncentiveManagementFeethatwasestimatedtobepaidtoManagerwithrespecttosuchFutureHotelpursuanttotheAnnualOperatingBudgetfortheremainingAccountingPeriodsuntilthefirstanniversaryoftheCommencementDateforsuchFutureHotel(irrespectiveoftheManagementFeespaidtoManagerpriortothedateoftheTerminationwithrespecttotheHotels).IfthisAgreementisterminatedpursuanttoSection2.3(a)withrespecttoanyoftheFutureHotelsafterthefirstanniversaryoftheDateapplicabletosuchFutureHotel,thennoterminationfeesshallbepayablebyLessee.SaleofInitialHotel.IfthisAgreementisterminatedpursuanttoSection2.3(a)withrespecttoanyoftheInitialHotelspriortotheexpirationoftheinitial10-yeartermofthisAgreementapplicabletosuchInitialHotel,thenLesseeshallpaytoManageronsuchtermination,aterminationfee,withrespecttoeachsuchHotelasliquidateddamagesandnotasapenalty(providedthatanEventofDefaultbyManagerisnotthenexistingbeyondanycureorgraceperiodssetforthinthisAgreement),anamountequaltothesumobtainedbymultiplying(1)theaggregateBaseManagementFeesandIncentiveManagementFeesbudgetedintheAnnualOperatingBudgetapplicabletosuchInitialHotelforthefullcurrentFiscalYearinwhichsuchterminationistooccur(butinnoeventlessthantheBaseManagementFeesandIncentiveManagementFeesfortheprecedingfullFiscalYear)by(2)thenumberofyearsremainingintheinitial10-yearTermofthisAgreementapplicabletosuchInitialHotel.Notwithstandingtheforegoing,ifthisAgreementisterminatedpursuanttoSection2.3(a)withrespecttoanyoftheInitialHotelsaftertheinitial10-yeartermofthisAgreementapplicabletosuchInitialHotel,thennoterminationfeesshallbepayablebyLessee.TerminationDuetoFailuretoSatisfyPerformanceTest.PerformanceTest.LesseeshallhavetherighttoterminatethisAgreementwithrespecttoanyInitialHotelaftertheinitial10-yeartermofthisAgreementapplicabletosuchInitialHotelandanyFutureHotel(forthepurposesofthisSection2.3(b)(i)called“SubjectHotel”),intheeventoftheoccurrenceofthefollowing(collectivelyhereincalled,the“PerformanceTest”):If,commencingwiththefirstFiscalYearaftertheinitial10-yeartermforanInitialHotelandcommencingwiththefirstfullFiscalYearfollowingtheCommencementDateforanyFutureHotel,andforeachFiscalYearthereafter(a)aSubjectHotel’sGrossOperatingProfitMarginforsuchFiscalYearislessthanseventy-fivepercent(75%)oftheaverageGrossOperatingProfitMarginofcomparablehotelsinsimilarmarketsandgeographiclocationstothesubjectHotelasreasonablydeterminedbyLesseeandManager,and(b)suchSubjectHotel’sRevparYieldPenetrationislessthan80%forsuchFiscalYear(herein(a)and(b)collectivelycalled“PerformanceFailure”);thenManagershallhaveaperiodoftwo(2)years,commencingwiththenextensuingFiscalYear(the“PerformanceCurePeriod”),tocurethePerformanceFailureafterManager’sreceiptofNoticefromLesseeofsuchPerformanceFailureandLessee’sintenttoterminatethisAgreementwithrespecttotheSubjectHotelifthePerformanceFailureisnotcuredwithinsuchPerformanceCurePeriod;andIfaftertheendofthePerformanceCurePeriod,thePerformanceFailureremainsuncured,thenLesseemay,atitselection,terminatethisAgreementuponforty-five(45)days’priorNoticetoManager.FinanceReports.DeterminationsoftheperformanceoftheSubjectHotelshallbeinaccordancewiththeauditedannualfinancialstatementsdeliveredbyLessee’saccountantpursuanttoSection15.3hereof.ExtensionofPerformanceCurePeriod.Notwithstandingtheforegoing,ifatanytimeduringthePerformanceCurePeriod(a)LesseeisinmaterialdefaultunderanyofitsobligationsunderthisAgreement,or(b)Lesseehasterminated,terminatesorcausesaterminationoftheFranchiseAgreement(otherthandefaultsduetoManager)anddoesnotobtainanewfranchiseagreementwithacomparablefranchisor,or(c)theoperationoftheHotelortheuseoftheHotel’sfacilitiesaremateriallydisruptedbycasualty,condemnation,oreventsofForceMajeurethatarebeyondthereasonablecontrolofManager,orbymajorrepairstoormajorrefurbishmentoftheHotel,then,forsuchperiod,thePerformanceCurePeriodshallbeextended.RenewalPeriod.IfatthetimeofManager’sexerciseofarenewalperiodwithrespecttoanyHotel,suchhotelisaSubjectHotelwithinaPerformanceCurePeriod,theexerciseofsuchrenewalperiodshallbeconditionalupontimelycureofthePerformanceFailure,andifsuchPerformanceFailureisnottimelycured,then,notwithstandingtheforegoingprovisions,LesseemayelecttoterminatethisAgreementwithrespecttosuchSubjectHotelpursuanttothetermsofthisSection2.3(b).TerminationforConvenience.LesseemayterminatethisAgreementastoanyHotelforconvenience(exceptifduetoaSaleofaHotel,whereuponSection2.3(a)shallgovern)uponninety(90)daysNoticetoManager,andshallpaytoManagerasliquidateddamagesbutnotasapenalty,aterminationfee(providedthattheredoesnotthenexistanEventofDefaultbyManagerunderthisAgreementbeyondanyapplicablecureorgraceperiods)inanamountequaltotheproductof(1)theaggregateBaseManagementFeesandIncentiveManagementFeesbudgetedintheAnnualOperatingBudgetapplicabletosuchHotelforthefullcurrentFiscalYearinwhichsuchterminationistooccur(butinnoeventlessthantheBaseManagementFeesandIncentiveManagementFeesfortheprecedingfullFiscalYear)by(2)thenumberofyearsremainingintheinitial10-yearTermofthisAgreementapplicabletosuchHoteloranyapplicablerenewalperiod.Paymentofliquidateddamages.WithrespecttoanyterminationfeespayableinconnectionwithanyearlyterminationrightsetforthinthisSection2.3,Lesseerecognizesandagreesthat,ifthisAgreementisterminatedwithrespecttoanyoftheHotelsforthereasonsspecifiedinthisSection2.3therebyentitlingManagertoreceivetheterminationfeesassetforthinthisSection2.3,ManagerwouldsufferaneconomiclossbyvirtueoftheresultinglossofmanagementfeeswhichwouldotherwisehavebeenearnedunderthisAgreement.BecausesuchfeesvaryinamountdependingonthetotalgrossrevenuesearnedattheHotelsandaccordinglywouldbeextremelydifficultandimpracticaltoascertainwithcertainty,thepartiesagreethattheterminationfeesprovidedinthisSection2.3constituteareasonableestimateofliquidateddamagestoManagerforpurposesofanyandalllegalrequirements,anditisagreedthatManagershallnotbeentitledtomaintainacauseofactionagainstLessee,exceptasspecificallyprovidedherein,foractualdamagesinexcessoftheterminationfeesinanycontextwheretheterminationfeesareprovidedbythisAgreement,andreceiptofsuchfees(togetherwithallotheramountsdueandpayablebyLesseetoManagerwithrespecttoeventsoccurringpriortoterminationofthisAgreementwithrespecttotheapplicableHotelorasotherwiseprovidedherein)shallbeManager’ssoleremedyfordamagesagainstLesseeinanysuchcase.TheforegoingshallinnowayaffectanyothersumsdueManagerunderthisArticleIIorotherwisehereunder,including,withoutlimitation,theManagementFeesearnedduringtheTerm,oranyotherrightsorremedies,atlaworinequityofManagerunderthisAgreementorunderLegalRequirements,includinganyindemnityobligationsofLesseetoManagerunderthisAgreement.SubstitutionofHotel.Notwithstandingtheforegoing,if,ineventofaterminationofthisAgreementwithrespecttoaHotel,aterminationfeebecomespayablebyLessee,Lesseemay(initssoleandabsolutediscretion)avoidpaymentofsuchterminationfeebysubstitutingfortheterminatedHotelwithin120daysofsuchtermination,anotherhotelfacilityreasonablycomparabletotheterminatedHotelinsize,numberofrooms,qualityoffranchiseoperation,marketandgeographicallocation,andgrossrevenues,tobegovernedbythetermsandconditionsofthisAgreementasan“InitialHotel”fr